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Greater Downtown Miami Faces Nearly 3-Month Supply Of Residential Properties Listed For Rent Before Winter Buying Season

Landlords Seek Median Rental Rate Of $2.76 PSF In Greater Downtown Miami

 

(This Report Is Powered By Brickell Ventures LP)

DOWNTOWN MIAMI (Oct. 3, 2019) - At least 2,020 residential rental properties are formally listed for lease in the Greater Downtown Miami market of South Florida, according to a new report from Condo Vultures® Realty LLC.

Based on completed leases of about 715 residential properties monthly in the first nine months of 2019, Greater Downtown Miami now has nearly a three-month supply of rentals - apartments, condos, efficiencies, multifamily and townhouses - available in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach before the start of the Winter Buying Season, according to the report based on data from the Southeast Florida MLS Matrix. 

A balanced market is generally considered to have about six months of supply. More months of supply listed for lease suggests a tenant’s advantage and less months typically indicates a landlord’s advantage in the market. 

When analyzing the rental market, please note that corporate-owned apartment projects are typically not included in the statistics as the landlords do not generally listed their units for lease in the MLS.  

It is also worth noting that nearly 560 rental properties are currently under contract - or pending - and waiting to transact at a median monthly asking price of $2,450 per unit or $2.58 per square foot in Greater Downtown Miami. 

The median asking price of a Greater Downtown Miami residential rental property currently listed for lease is $2,750 per property monthly. This works out to a median asking price of $2.76 per square foot monthly, according to the data compiled by CondoVulturesRealty.com.

In the first nine months of 2019, the median transaction price of a Greater Downtown Miami residential rental property was about $2,400 or $2.49 per square foot monthly, according to the data. 

This means the current asking price of a Greater Downtown Miami residential rental property listed for lease is nearly 15 percent higher than the median transaction price achieved on a monthly per-property basis and about 11 percent higher than the median transaction price achieved on a monthly per-square-foot basis between January and September of this year. 

In the first three quarters of 2019, a landlord needed 43 days - on a median basis - to lease a Greater Downtown Miami residential rental. The current median Days-On-The-Market rate for a Greater Downtown Miami residential rental property listed for lease is 48, according to the statistics. 

CondoVulturesRealty.com is a licensed Florida brokerage that specializes in assisting buyers and tenants in value-oriented acquisitions of condos in the tricounty region of Miami-Dade, Broward and Palm Beach.